Can tax audit be conducted for turnover below 60 lacs?

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Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2011 Dear Experts professional

Query is "whether on request of assessee a chartered accountant can do the tax audit u/s 44AB of a firm having turnover below Rs 60 lacs"????

If yes, then what are the reports should be issued???

Pls reply soon

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

24 September 2011 Yes u can do so. All the reports which are liable for Tax audit is applicable. Section 44AD and 44AE gives option to do Tax audit if the assessee wants to offer lower income than prescribed by the above sections at the assesee's option.
OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2011 what in the case the asssessee declaring income more then 8% of turnover & at the same time wishes to do the Tax Audit too...

Pls clarify

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

24 September 2011 I said not about higher income i said about lower income than 8% in such case he has to be done tax audit. If the assessee feels actual profit is lower than 8% and he doesn't willing to offer minimum 8% as per section 44AD for income tax purpose in that situations at the option of assessee the tax audit would be done. Is you get clarified otherwise write me clear what you think.
OM SAI SRI SAI JAI JAI SAI

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